New York State Teachers Retirement System Acquires 2,202 Shares of State Street Corporation $STT

New York State Teachers Retirement System raised its holdings in shares of State Street Corporation (NYSE:STT) by 0.8% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 285,535 shares of the asset manager’s stock after purchasing an additional 2,202 shares during the quarter. New York State Teachers Retirement System’s holdings in State Street were worth $30,364,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Harbour Investments Inc. raised its holdings in shares of State Street by 11.7% in the second quarter. Harbour Investments Inc. now owns 1,012 shares of the asset manager’s stock valued at $108,000 after acquiring an additional 106 shares in the last quarter. McAdam LLC raised its holdings in shares of State Street by 1.7% in the second quarter. McAdam LLC now owns 6,650 shares of the asset manager’s stock valued at $707,000 after acquiring an additional 111 shares in the last quarter. Meeder Advisory Services Inc. raised its holdings in shares of State Street by 2.0% in the first quarter. Meeder Advisory Services Inc. now owns 5,756 shares of the asset manager’s stock valued at $515,000 after acquiring an additional 114 shares in the last quarter. Sequoia Financial Advisors LLC raised its holdings in shares of State Street by 2.7% in the first quarter. Sequoia Financial Advisors LLC now owns 4,414 shares of the asset manager’s stock valued at $395,000 after acquiring an additional 118 shares in the last quarter. Finally, Larson Financial Group LLC raised its holdings in shares of State Street by 40.8% in the first quarter. Larson Financial Group LLC now owns 407 shares of the asset manager’s stock valued at $36,000 after acquiring an additional 118 shares in the last quarter. 87.44% of the stock is currently owned by institutional investors.

State Street Price Performance

Shares of NYSE STT opened at $111.27 on Friday. The business’s 50 day moving average price is $113.60 and its 200 day moving average price is $103.04. The firm has a market cap of $31.57 billion, a P/E ratio of 12.46, a P/E/G ratio of 1.16 and a beta of 1.46. State Street Corporation has a 52 week low of $72.81 and a 52 week high of $118.24. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.09.

State Street (NYSE:STT) last issued its earnings results on Friday, October 17th. The asset manager reported $2.78 EPS for the quarter, beating analysts’ consensus estimates of $2.57 by $0.21. The firm had revenue of $13 billion for the quarter, compared to analyst estimates of $3.43 billion. State Street had a return on equity of 12.96% and a net margin of 12.59%.State Street’s revenue for the quarter was up 8.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.26 earnings per share. On average, sell-side analysts expect that State Street Corporation will post 9.68 earnings per share for the current year.

Insider Buying and Selling

In other State Street news, EVP Michael L. Richards sold 990 shares of the company’s stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $109.29, for a total value of $108,197.10. Following the sale, the executive vice president owned 41,332 shares in the company, valued at approximately $4,517,174.28. This represents a 2.34% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 0.29% of the company’s stock.

Analysts Set New Price Targets

STT has been the subject of several recent research reports. Morgan Stanley restated an “overweight” rating and issued a $162.00 price objective on shares of State Street in a report on Monday, September 29th. Citigroup upgraded State Street from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $115.00 to $130.00 in a research note on Friday, September 5th. Zacks Research upgraded State Street from a “hold” rating to a “strong-buy” rating in a research note on Friday, October 3rd. TD Cowen initiated coverage on State Street in a research note on Thursday, September 25th. They set a “buy” rating on the stock. Finally, BMO Capital Markets initiated coverage on State Street in a research note on Friday, October 3rd. They set an “outperform” rating and a $130.00 price target on the stock. Two investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, State Street has an average rating of “Moderate Buy” and an average price target of $122.83.

State Street Profile

State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. The company offers investment servicing products and services, including custody, accounting, regulatory reporting, investor, and performance and analytics; middle office products, such as IBOR, transaction management, loans, cash, derivatives and collateral, record keeping, and client reporting and investment analytics; finance leasing; foreign exchange, and brokerage and other trading services; securities finance and enhanced custody products; deposit and short-term investment facilities; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.